Maccabi Tel Aviv Ownership Dispute Heads to Court

Businessman Richard Daetz, who owns 17.5% of Maccabi Tel Aviv basketball club shares, announced Friday he will not allow the sale of the Rekanati family's stake to an American company owned by Jason Levien. Daetz stated he is exercising his right of first refusal to block the deal, citing concerns about the potential new owner's lack of connection to the club or experience in European basketball. He asserted his decision is solely to protect Maccabi.

Following Daetz's announcement, a board meeting was held to discuss the sale of the Rekanati family's 29% share, along with an additional 9% previously held by Ben Ashkenazi, who has significantly reduced his holdings. With this move, Daetz could potentially increase his ownership to 55.5% or even 62%, making him the majority shareholder.

The ownership saga began six months ago when the Federman family sold half their 14.5% stake to Eyal Stilman, CEO of the team's main sponsor. The Rekanati family then exercised their right of first refusal, purchasing the Federman shares for $50 million and halting that initial transaction.

Sources close to the club anticipate the dispute will end up in court, warning that allowing such actions could lead to a chaotic situation where any shareholder can block another's move. They also noted that Shimon Mizrahi also holds a right of first refusal, which could further complicate matters.

The deadline for exercising the right of first refusal on the Rekanati family's shares is Monday. Until then, Shimon Mizrahi or Ben Ashkenazi could still exercise their own rights to block the sale to Levien's company.